Millennium Management LLC Lowers Position in FinVolution Group (NYSE:FINV)

Millennium Management LLC trimmed its position in shares of FinVolution Group (NYSE:FINV - Free Report) by 41.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,873 shares of the company's stock after selling 112,611 shares during the quarter. Millennium Management LLC owned 0.06% of FinVolution Group worth $1,058,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of FinVolution Group in the fourth quarter valued at $28,000. Aigen Investment Management LP bought a new position in FinVolution Group during the 4th quarter valued at about $75,000. NewEdge Advisors LLC raised its position in FinVolution Group by 381.1% in the 4th quarter. NewEdge Advisors LLC now owns 12,624 shares of the company's stock worth $86,000 after purchasing an additional 10,000 shares during the period. Ameriprise Financial Inc. purchased a new stake in FinVolution Group in the 4th quarter worth about $90,000. Finally, SVB Wealth LLC bought a new stake in FinVolution Group in the fourth quarter worth about $96,000. 31.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FINV shares. UBS Group upgraded FinVolution Group from a "neutral" rating to a "buy" rating and boosted their target price for the company from $11.80 to $12.10 in a research report on Friday, May 23rd. Citigroup upgraded FinVolution Group from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $6.00 to $11.00 in a report on Tuesday, March 18th.

FinVolution Group Trading Down 0.9%

Shares of FINV traded down $0.08 during trading hours on Friday, reaching $8.59. 232,583 shares of the company traded hands, compared to its average volume of 821,867. The stock's fifty day moving average price is $8.25 and its 200 day moving average price is $7.92. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 7.41 and a beta of 0.30. FinVolution Group has a 12-month low of $4.63 and a 12-month high of $11.08.

FinVolution Group (NYSE:FINV - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The company reported $0.41 earnings per share (EPS) for the quarter. The company had revenue of $479.70 million during the quarter. FinVolution Group had a net margin of 17.36% and a return on equity of 16.66%.

FinVolution Group Increases Dividend

The company also recently declared an annual dividend, which was paid on Wednesday, May 7th. Investors of record on Wednesday, April 16th were issued a $0.277 dividend. This is a positive change from FinVolution Group's previous annual dividend of $0.24. The ex-dividend date was Wednesday, April 16th. This represents a dividend yield of 2%. FinVolution Group's payout ratio is presently 15.33%.

FinVolution Group declared that its board has approved a stock repurchase program on Monday, March 17th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

About FinVolution Group

FinVolution Group operates in the online consumer finance industry. The company operates a fintech platform that is empowered by borrowers with financial institutions. It operates in China and internationally. The company was formerly known as PPDAI Group Inc and changed its name to FinVolution Group in November 2019.